Ghana’s Import Landscape in 2024: Diverse Products and Strong Trade Surplus

The Ghana Statistical Service (GSS) has identified fuel, machinery, and agricultural products among Ghana’s major imports for 2024, with surprising entries such as animal guts and used vehicles. Despite significant import expenditures, Ghana maintains a trade surplus with strong export performance in key sectors.

In its 2024 Trade Report, the Ghana Statistical Service (GSS) identifies fuel, machinery, and agricultural products as the primary categories among Ghana’s imports. Notably, animal guts, bladders, and stomachs have emerged as a surprising inclusion in the top 10. Used vehicles, specifically those ranging between 1,500cc and 3,000cc, rank fifth in imports, valued at GH₵4.2 billion, which constitutes 1.7% of total imports.

Leading the list is diesel (Automotive Gas Oil – AGO) for the Tema Oil Refinery (TOR), which represents GH₵28.9 billion, accounting for 11.6% of imports. Following closely are light oils and motor spirit (super) at GH₵24.1 billion (9.6%). Other significant imports encompass self-propelled bulldozers, cement clinker, and herbicides, reflecting a diverse range of consumer demands.

Despite these substantial import figures, Ghana enjoys a trade surplus of GH₵44.7 billion, reporting total exports of GH₵294.9 billion, which surpass imports totaling GH₵250.2 billion. This favorable trade balance is propelled by strong performances in key export sectors, including gold, petroleum, and cocoa.

The data indicates that while fuel and industrial equipment continue to dominate Ghana’s import landscape, the inclusion of animal intestines and used cars signifies the evolving nature of trade needs as the country approaches 2025. The top 10 imports for 2024 are as follows:
1. Diesel – Automotive Gas Oil (AGO) for TOR – GH₵28.93 billion (11.6%)
2. Light oils, motor spirit, super – GH₵24.12 billion (9.6%)
3. Self-propelled bulldozers – GH₵6.20 billion (2.5%)
4. Cement clinker – GH₵4.83 billion (1.9%)
5. Used vehicles (1,500cc–3,000cc) – GH₵4.20 billion (1.7%)
6. Cereal grains, worked but not rolled or flaked – GH₵3.37 billion (1.3%)
7. Petroleum oils and oils from bituminous minerals, crude – GH₵3.34 billion (1.3%)
8. Medium oils, Kerosene-type jet fuel (ATK) – GH₵3.16 billion (1.3%)
9. Guts, bladders, and stomachs of animals (excluding fish) – GH₵2.69 billion (1.1%)
10. Herbicides and plant growth regulators – GH₵2.61 billion (1.0%).

In conclusion, Ghana’s 2024 imports are primarily driven by fuel and machinery, with unique entries including animal parts and used vehicles. The country’s substantial trade surplus underscores its robust export performance, especially in gold, petroleum, and cocoa. The diverse nature of imports indicates an evolving market as Ghana progresses toward 2025.

Original Source: 3news.com